Northern Financial Corporation c. Jaguar Nickel Inc.
On December 6, 2006, shareholders of Jaguar Nickel Inc. voted at a special meeting of shareholders to replace the existing board of directors of Jaguar and replace it with a slate of directors nominated by Northern Financial Corporation. The special meeting of shareholders was called in response to a requisition by Northern and Romspen Investment Corporation. The new board of directors of Jaguar intended to immediately commence the strategic alternatives review process for Jaguar, with the goal of enhancing shareholder value for all Jaguar shareholders.
In connection with its attempt to replace the Board, Northern brought an application before the Bureau de décision et de révision en valeurs mobilieres (Québec) for an order to cease trading the shareholder rights plan adopted by Jaguar on September 19, 2006 on the grounds that it was contrary to the public interest. The Bureau granted the order requested by Northern following a five-day hearing.
The Toronto and Montréal offices of Fasken Martineau acted for Northern in connection with the application and hearing before the Bureau and with respect to the shareholders meeting, with a team consisting of Sean Stevens, Gilles Leclerc, Daniel Yelin, Paul Martel, Marie-Josée Neveu and Dan Rankin (corporate); Pierre Lefebvre, David Hausman, Eleni Yiannakis and Valérie Marchand (litigation); and Scott Rollwagen (research).